MUNICH (dpa-AFX) – The upswing continues at the ticket marketer CTS Eventim. After a record year in 2022, the company also benefited from the return of concerts and events in the first quarter after the end of the corona restrictions. As a result, the Munich-based company was able to multiply its bottom line profit from January to March, as the company announced on Wednesday. However, the stock collapsed after the final numbers were released. Apparently, one or the other had expected an increase in annual targets after the unexpectedly good quarter. However, this wish did not come true.
As CTS Eventim announced in its quarterly report, the forecast made in the 2022 annual report continues to apply for the current year. So far, this has been quite vague: According to this, sales and earnings in 2023 should come out at around the same level as the previous year. If the state corona aid of the comparison year is excluded, the result should increase significantly.
The stock lost more than eight percent at times in response to the midweek news. From midday, however, the paper caught up and was last listed at 62.75 euros, three and a half percent in the red.
This means that the upward trend that started in early May has come to a halt. The day before, the share certificate had come closer to its high for the year from February at EUR 67.70 – only a little more than one euro was missing. The previous year’s plus has also shrunk to around five and a half percent due to the current losses.
Analyst Volker Bosse from Baader Bank meanwhile attested the event marketer a very strong start to the year. The statements on the further course of the year sound confident, although there is no concrete outlook, the expert noted.
“CTS Eventim is already successfully continuing the past record year in the first quarter of 2023,” CTS CEO Klaus-Peter Schulenberg was quoted as saying in the statement. The results showed that interest in live entertainment remained unbroken. “We are on an organic growth course both nationally and internationally and expect continued positive business development.”
As already known, group sales rose to a good 366 million euros in the past quarter after around 139 million euros previously. CTS Eventim sold almost 60 percent more admission tickets than in the same period of the previous year, so that sales in the ticket business almost doubled to a good 148 million euros in the three months under review.
Sales in the event business even increased almost three and a half times, which now contributed the largest chunk to the group’s revenue at almost 224 million euros. A year earlier, this had been the other way around, when the concert and event area had only slowly got going again after many corona restrictions had been lifted./tav/lew/mis
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